The Consumer Price Index for All Urban Consumers increased 0.5% on a seasonally adjusted basis in January, after rising 0.4% in December, the U.S. Bureau of Labor Statistics reported today.

Inflation accelerated in January, rising 3% on an annual basis, indicating that the Federal Reserve's push to drive inflation down to a 2% annual rate has stalled out, at least temporarily. The Consumer Price Index was forecast to rise 2.

Americans are facing higher costs. Trump was elected on promises to lower prices for inflation-weary consumers and high inflation could imperil his agenda.